Reinet Fund Manager has broad powers to carry out all management and administrative functions in compliance with the corporate objects of Reinet Fund. In particular, Reinet Fund Manager is responsible for determining the investment policies and restrictions of Reinet Fund in order to meet Reinet Fund’s investment objective and for the conduct of Reinet Fund’s management and business affairs. The board of directors of Reinet Fund Manager is responsible for the management of Reinet Fund and is bound to act in the best interests of Reinet Fund. Reinet Fund Manager is ultimately controlled by Rupert family interests.

The members of the board of directors of Reinet Fund Manager are set out below:

JOHANN RUPERTChairmanSouth African, born 1950Mr Rupert was appointed to the Board of Directors in 2008.

Mr Rupert studied economics and company law at the University of Stellenbosch, South Africa. After working for the Chase Manhattan Bank and Lazard Frères in New York, he founded Rand Merchant Bank in 1979. In 1985 he joined Rembrandt. He founded Richemont in 1988 and became Group Chief Executive. Appointed as Executive Chairman in September 2002, he also served as Group Chief Executive Officer during the periods from October 2003 to September 2004 and from April 2010 to March 2013. He was Chairman of CFR SA up to September 2013, when he indicated his intention to step down from the board of that company during a sabbatical year. He was re-elected as Chairman of CFR SA in September 2014. He is also Non-Executive Chairman of Remgro Limited and is the Managing Partner of Compagnie Financière Rupert.

Mr Rupert holds honorary doctorates in Law, Economics and in Commerce and is the Chancellor of Stellenbosch University. He is the Chairman of the Peace Parks Foundation.

WILHELM VAN ZYLChief Executive OfficerSouth African, born 1965Mr van Zyl was appointed to the Board of Directors in 2014 and appointed Chief Executive Officer with effect from January 2015.

Mr van Zyl holds a BCom degree from the University of Stellenbosch and qualified as a Fellow member of the Institute and Faculty of Actuaries (United Kingdom) in 1994. He is also a Fellow member of the Actuarial Society of South Africa and completed the Harvard AMP program in 2005. Mr van Zyl was group actuary of the financial services group Metropolitan Holdings from 2001 and headed up its corporate business from 2006. In 2008 he was appointed as a director and chief executive of Metropolitan Holdings. Following the listing of MMI Holdings in 2010, resulting from the merger between Metropolitan and Momentum, he was appointed as a director and deputy group chief executive with oversight of the group’s health, international, investments and employee benefit operations. He currently also serves on the board of Pension Insurance Corporation plc, Pension Insurance Corporation Group Limited, Milestone Capital Investment Holdings Limited and is also a director of the Investment Advisor and of various subsidiaries of Reinet Fund.

ALAN GRIEVENon-Executive DirectorBritish, born 1952Mr Grieve was appointed to the Board of Directors in 2008. He retired as Chief Executive Officer in December 2014.

Mr Grieve served as Chief Financial Officer from 2008 to 2011 and as Chief Executive Officer from 2012 to 2014. He remains on the Board of Directors as a Non-Executive Director of both the General Partner and Fund Manager.

Mr Grieve was appointed to the board of directors of Richemont S.A. (the predecessor company to Reinet Investments S.C.A.) in 2004. Mr Grieve holds a degree in business administration from Heriot-Watt University, Edinburgh and is a member of the Institute of Chartered Accountants of Scotland. Prior to joining Richemont’s predecessor companies in 1986, he worked with the international auditing firms now known as PricewaterhouseCoopers and Ernst & Young. He served as company secretary of CFR SA from 1988 until 2004 and was corporate affairs director of Richemont from 2004 to 2016. He is a Non-Executive Director of Mediclinic International plc, the international private hospital group.

SWEN GRUNDMANNGeneral Counsel and Company SecretaryDutch, born 1968Mr Grundmann was appointed to the Board of Directors in September 2012.

Mr Grundmann holds a law degree from the Faculty of Law of the University of Amsterdam and is a member of the Dutch Association of Corporate Litigation. He joined Richemont in January 1996 and has since been responsible for the corporate law affairs of many of its subsidiaries and been involved in various merger and acquisition projects. In 2009, he was appointed as Company Secretary of both the General Partner and Fund Manager. Since 2011, he has been responsible for Reinet’s legal affairs and serves on the boards of a number of companies in which Richemont or Reinet hold an interest.

DIANE LONGDENChief Financial OfficerBritish, born 1961Ms Longden was appointed to the Board of Directors in September 2012.

Ms Longden is a member of the Institute of Chartered Accountants in England and Wales and holds a Masters in Business Administration from the Sacred Heart University, John F. Welch College of Business in Luxembourg. Prior to joining Reinet in 2009, Ms Longden worked in the accountancy profession and international insurance industry. She is also a director of various subsidiaries of Reinet Fund.